A former director at BP Singapore and an executive at a Singapore-based marine fuels supplier were each sentenced on Tuesday to four and a half years in jail for corruption. Chang Peng Hong Clarence, a former regional director for marine fuels with BP Singapore, was found guilty last year of receiving some $3.95 million in .
Asia Fuel Oil-380-cst cash discount widens on weak demand, ample stocks
Asian cash differentials for cargoes of 380-cst high-sulphur fuel oil (HSFO) extended losses on Tuesday, dipping to a fresh 2021 low amid sluggish seasonal demand for use in power generation and ample supplies, trade sources said.
The HSFO market is expected to receive a boost from increased demand from Middle Eastern utilities in the hot summer months, primarily Saudi Arabia, but the ramp up in demand for Asia cargoes has so far been slow compared to last year, the sources said.
The 380-cst HSFO cash discount slipped to minus 64 cents a tonne to Singapore quotes, down from 52 cents on Monday and its widest discount since Dec. 31.